The Australia 2030 report uses a scenarios-based approach to help business and government to plan innovation investments to meet future opportunities and challenges.
Australia has enjoyed an enviable position over the last two decades, with demand for the nation’s abundant resources leading to strong economic growth and rising standards of living. However, we are entering a period of significant change across national and global markets. In light of this rapid pace of change, how will Australia maintain competitiveness in existing industries and build comparative advantage in new and emerging industries?
The innovation imperative
Innovation will be key to driving future productivity growth in established industries as well as developing new companies and industries based on emerging science and technologies. In an increasingly interconnected and rapidly changing world, Australia risks being left behind if it fails to innovate.
Using scenarios to plan for the future
The Australia 2030 report presents four plausible and divergent scenarios, each based on different combinations of social, economic, environmental and technological drivers. Each is purposely extreme in an attempt to provide a sharp contrast between different potential futures and more clearly illustrate the trade-offs involved.
The report assists senior decision-makers in government and industry to plan today’s innovation investments to meet future opportunities and challenges. It uses a scenarios-based approach to account for future uncertainty by expanding thinking about the future, understanding trade-offs between different actions, and guiding strategic planning at both a national and corporate level.
Scenario planning is not intended to predict the future, but rather to communicate a wide range of possible outcomes and the consequences of each. Through expanding thinking and identifying trade-offs, this approach provides guidance on where to invest innovation resources most effectively.